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S&P Finishes Two Points Off All-Time Closing Highs

John Darsie

The market bounced back from yesterday's intraday selling, the Dow closing at new all-time highs once again while the S&P 500 is only two-point away from its all-time closing high. Both indices finished the day up 0.79%, opening and drifting higher in a quiet session. The action could remain quiet this week due to a confluence of factors: the Jewish Passover holiday, Spring Break, the end of the first quarter, and the upcoming Easter holiday.

The Nasdaq lagged the other major US indices today due to relative weakness in Apple (AAPL), which finished down 0.54%. However, the lethargy displayed by AAPL today isn't a major cause for concern as long as the stock bases above the $458-460 level. The stock has broken its multi-month downtrend, but due to more macro weakness we will be monitoring composure at every step of the trade.

Although the market remained in a quiet melt-up most of the day, there was some momentum in individual names.

Netflix (NFLX) posted a 5.48% gain after getting upgraded at Pacific Crest. It's healthy to see money continue to flow into leading stocks like NFLX after big moves higher. The still-high net float short in NFLX could continue to provide fuel to the upside.

Boeing (BA) had a strong day after a few days of corrective action, surging 2.09%. Scott Redler listed Boeing as one of his favorite technical set-ups in his 2013 predictions.

Las Vegas Sands (LVS) was impressive today as it accelerated out of an ascending channel. LVS finished the day up 3.74%.

The credit cards were strong today. Visa (NYSE:V), which has been listed several times in recent weeks on Off the Charts as a bullish set-up, started to break out yesterday and followed-through today, closing up 2.11%. MasterCard (MA) joined the party today too, climbing 2.98% out of its upper level base.

Sector rotation continues to be key for this market. We have seen the banks weaken recently while other sectors have picked up the slack, depending on the day. Within the group Goldman Sachs (GS) in particular has been weak. GS has been able to hold onto its upper level pivot by a thread, and now several of the banks have descending channels to watch closely. If we do break above those downtrend lines, we could see some money rotate back into the sector.

*DISCLOSURES: No relevant positions